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Retail
Retail ''' A retail sale occurs when a business sells a product or service to an individual consumer for his or her own use. In MonsoonSIM, Retail is one of the core modules. In our model, all retail sales occur in the virtual retail stores. MonsoonSIM supports multiple levels of complexity. Learners are encouraged to start with the basic module, called Baseline model, and slowly progress to more advanced functionalities. '''Here are some of what you will learn in the MonsoonSIM Retail (Baseline) : * How retail and income transactions are recorded in Accounting * How to analyze sales performance * Concept of market demand * Concept of price elasticity * Concept of space utilization, limitation, and constraints * Concept of stockout (running out of stock) * Concept of stock replenishment * Concept of marketing impact on sales * Concept of holidays on sales demand * Concept of forecast on sales performance and inventory control * Concept of staff impacts (both in terms of staff competency as well as headcounts) Here are some of what you will learn in the MonsoonSIM Procurement (Advanced) : * Concept of foreign exchange fluctuations on the cost of imported product In MonsoonSIM, the Retail module is related to the following department (modules) * Finance (FIN) * Procurement (PMN) * Marketing (MKT) * Warehouse / Logistics (WHS) * Human Resources Management (HCM) Note: There is no pre-requisite to learning the MonsoonSIM Baseline concepts Oerating model of MonsoonSIM Retail module Baseline: * All retail sales are based on cash basis, no credit arisvailable for retail customers * Sales are affected by pricing, marketing, competitors' pricing, competitors' marketing, and our own staff index. Sales are also affected by whether our competitors have run out of stock ** Lower price usually increases unit sold. The level of sales increase depends on the price elasticity of the area. For some area, the impact is higher while in some area, the price change impact may have very little effect on the unit sold ** Marketing generally increases unit sold. However, it depends on the marketing media chosen (see marketing operation model) ** If our competitor increases its product price, our sales will generally increase. However, once again, it depends on the price sensitivity for the area. The level of impact varies from one area to another ** Staff index also affects our sales. Hence, it is important to always maintain our staff index at 100% * There are up to 3 retail stores players must manage * All stores space are rented: * Rental terms can be : ** Daily ** 7-day contract, with auto renew ** 30-day contract, with auto renew * Rental fees per location can also be set to be fluctuating. The fluctuation can be viewed in the Forecasting module. * Learners are encouraged to lock in longer rental contract wshen the rent is low. However, once a contract has been signed, it cannot be changed until your next newly signed contract is in place. * The rental price for retail store is higher than the rental price for the warehouse * Each product will consume a certain amount of retail storage space * Players can increase or decrease the rental space * Total products in store must be less than storage space to avoid paying overflow penalties * Players can freely move stock from one store to another, including to the warehouse * Players should consider replenishment from warehouse, instead of from other stores, as warehouse usually has bigga er storage capacity * Holidays will significantly impact the market demand * Retail Sales demand can be seen from the forecast, which is very predictable * Staff Index affects the effectiveness of our retail sales. Hence, it is important to keep our staff index at 100% at all times. * Players can analyze the sales performance and other useful intelligences by carefully examining the information from the Business Intelligence explorer